US Fed official sees moderate growth, higher inflation ahead

HSBC expects the headline US CPI rate to increase by 0.2% in July pushing the year-on-year rate up to 1.8

Laurie Berry
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11 August, 2017, 16:36

The so-called core CPI rose 1.7 per cent in the 12 months through July - it has now increased by the same margin for three straight months.

Core CPI expected at 0.2% m/m and 1.7% y/y for July. The core rate, which excludes volatile categories of food, energy and trade, was flat in the month.

The report said consumer prices in July were up by 1.7% compared to the same month a year ago, reflecting a modest acceleration from the 1.6 year-over-year growth in June.

The Labor Department said Thursday that its producer price index, which measures inflation pressures before they reach the consumer, edged down 0.1 per cent last month, reflecting a third month of declines in energy prices and a flat reading for food.

Inflation has been low throughout this recovery.

Should the Browns acquire Colin Kaepernick?Last season Kaepernick was the quarterback for the San Francisco 49ers last season but will not join that team this season. We had a great visit with him. "But I think that's definitely playing a role now moreso than I thought it was going to".

Economists surveyed by MarketWatch were expecting a small gain of 0.1% in the producer-price index.

The dollar struggled for direction in Friday's trade, with traders erring on the side of cautious ahead of the closely watched US inflation report that could weaken or strengthen the case for another Federal Reserve rate hike this year. The cost of rental accommodation increased 0.2 per cent in July after rising 0.3 per cent in the prior month.

US stock markets were set to trade lower as the price report was released early Thursday, with the Dow Jones Industrial Average and the S&P 500 index on pace to drop for the third session in a row.

Almost 80% of the decline this month was fueled by a 0.2% decrease in the cost of services. It was the first drop in wholesale prices since a decline of 0.2 per cent last August.

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